Nifty and Bank Nifty Trading Tips for Monday (7th August)

The benchmark indices erased entire losses to settle near day’s high thanks to gains in metal, oil & gas and banking stocks, while the pharma index was the sole sectoral loser. Benchmark indices opened marginally lower on Friday with Nifty50 testing its crucial-10,000 mark amid lack of any major cues. Investors remained on edge as the Street remained disappointed with Reserve Bank of India’s 25 bps rate cut. Almost all constituents of the Nifty pharma index, which shed as much as 2.5% intraday, were in red. In broader markets, BSE Midcap index underperformed the benchmark indices, down 0.4% while BSE Smallcap fell 0.1%. The BSE Sensex was trading at 32,205, down 31 points while the broader Nifty50 index was ruling at 10,005, down 8 points.

Nifty and Bank Nifty Trading Tips for Monday (7th August)

CALL : BUY AUTOIND ABOVE 75.9 TARGETS 76.6 , 77.3 , 78 STOPLOSS 74.5
CALL : BUY DWARKESH ABOVE 677.5 TARGETS 683.5 , 689.5 , 695.5 STOPLOSS 665.5
CALL : BUY RCF ABOVE 106.5 TARGETS 107.5 , 108.5 , 109.5 STOPLOSS 104.5
CALL : SELL KOKUYOCMLN BELOW 94.1 TARGETS 93.2 , 92.3 , 91.4 STOPLOSS 95.9
Nifty and Bank Nifty Tips
NIFTY POINT OF VIEW
TREND: BEARISH TO CONSOLIDATE
RESISTANCE: 10070, 10120
SUPPORT: 9980, 9930
STRATEGY: SELL ON HIGH

BANK NIFTY POINT OF VIEW
TREND: BEARISH TO CONSOLIDATE
RESISTANCE: 24870, 25010
SUPPORT: 24590, 24450
STRATEGY: SELL ON HIGH